BlockBeats News, October 2nd. According to Reuters, the European Commission will propose to cut steel import quotas by nearly half and increase the tariff on steel imports exceeding the quota from 25% to 50%, aligning with the tariff levels of the United States and Canada. These measures are part of the European Commission’s new plan for the steel industry set to be announced on October 7th.
The European Union currently has a temporary mechanism to protect its steel industry, imposing a 25% tariff on most imported steel once the quota is reached. This mechanism is set to expire next year, and the EU has been working to replace it with a more permanent tool. (FX168)
